Fundstrat’s Tom Lee revealed on November 20 that the October 10 liquidation cascade, wiping out nearly $20 billion, crippled multiple market makers and triggered a liquidity crunch. ⠀ He estimated one-third of specialized crypto liquidity providers scaled back or shuttered operations, creating a “crypto QT” effect deeper than Fed tightening. ⠀ The aftermath mirrors 2022’s eight-week deleveraging, with Bitcoin and Ethereum signaling fragile conditions until balance sheets recover. ⠀ Join the free telegram in our bio for daily crypto news and insights 📲